ExpertHard1 markMultiple Choice
CPA · Question 65 · Area I: Ethics & Tax Procedures
Which of the following acts generally requires the filing of a Currency Transaction Report (CTR) by a financial institution?
Which of the following acts generally requires the filing of a Currency Transaction Report (CTR) by a financial institution?
Answer options:
A.
A customer deposits a check for $15,000.
B.
A customer deposits $11,000 in cash.
C.
A customer wires $12,000 to a foreign account.
D.
A customer purchases $3,000 in traveler's checks with cash.
How to approach this question
CTR Threshold: > $10,000 in CURRENCY (Cash/Coin).
Full Answer
B.A customer deposits $11,000 in cash.✓ Correct
B
The Bank Secrecy Act requires financial institutions to file a CTR for any transaction (deposit, withdrawal, exchange) involving more than $10,000 in currency (cash).
Common mistakes
Thinking checks or wire transfers trigger a CTR (they trigger other records, but not a CTR).
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